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→Weir 2005
**Incentive alignment, monitoring: Higher CEO shareholdings, higher institutional shareholdings, more duality, lower Q ratios significantly related to higher chance of PTP
Variables:
*percentage non-executive directors
*percentage independent directors
*duality of CEO and chairman
*percentage of shares held by CEO
*percentage of shares held by non-CEO executive directors
*percentage of shares held by institutions
*free cash flow (operating cash flow minus interest, tax, dividends, deflated by sales) (cf. Kieschnick (1998) and Halpern et al. (1999)
*speculation of takeover in financial press
*Q ratio
===Unsorted===
